Bitdeer Technologies Group's (BTDR) Buy Rating Reaffirmed at Rosenblatt Securities

Key Points

• Rosenblatt Securities reaffirmed its “buy” rating on Bitdeer Technologies Group, maintaining a $25 price target—implying roughly 114% upside from the prior close.
• Analyst sentiment remains broadly positive: 12 analysts rate BTDR a Buy and three rate it Hold, producing a “Moderate Buy” consensus and an average price target of $24.
• Bitdeer reported $228.78 million in quarterly revenue but a loss of $0.37 per share, while executives recently purchased shares and institutional investors increased their holdings.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Rosenblatt Securities in a report released on Tuesday, Benzinga reports. They currently have a $25.00 target price on the stock. Rosenblatt Securities' price target points to a potential upside of 114.41% from the company's previous close.

A number of other research firms also recently weighed in on BTDR. Citizens Jmp began coverage on Bitdeer Technologies Group in a research report on Wednesday, June 24th. They set a "market outperform" rating and a $35.00 price target on the stock. Benchmark reiterated a "buy" rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Zacks Research upgraded Bitdeer Technologies Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Needham & Company LLC decreased their price objective on Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Finally, Barclays started coverage on Bitdeer Technologies Group in a report on Thursday, August 20th. They set an "overweight" rating and a $15.00 price objective on the stock. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $24.00.

Bitdeer Technologies Group Price Performance

Shares of NASDAQ:BTDR opened at $11.66 on Tuesday. The company's fifty day moving average price is $11.13 and its 200-day moving average price is $12.14. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of -3.81 and a beta of 2.51. Bitdeer Technologies Group has a one year low of $6.92 and a one year high of $27.80. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%.The company had revenue of $228.78 million for the quarter. On average, equities research analysts anticipate that Bitdeer Technologies Group will post -1.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bitdeer Technologies Group news, CFO Michael G. Potter purchased 25,000 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was acquired at an average cost of $9.04 per share, for a total transaction of $226,000.00. Following the completion of the transaction, the chief financial officer directly owned 25,000 shares in the company, valued at approximately $226,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction dated Friday, August 14th. The shares were bought at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the purchase, the insider directly owned 35,000 shares of the company's stock, valued at approximately $309,400. The trade was a 250.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Investors Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in Bitdeer Technologies Group by 1,366.7% during the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company's stock valued at $27,919,000 after buying an additional 3,007,523 shares during the last quarter. California State Teachers Retirement System grew its holdings in Bitdeer Technologies Group by 1,737.9% in the 2nd quarter. California State Teachers Retirement System now owns 2,064,354 shares of the company's stock worth $32,761,000 after acquiring an additional 1,952,035 shares during the last quarter. Situational Awareness LP grew its holdings in Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock worth $29,751,000 after acquiring an additional 1,651,450 shares during the last quarter. Bank of Nova Scotia increased its position in shares of Bitdeer Technologies Group by 91.1% in the first quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company's stock valued at $11,846,000 after acquiring an additional 652,874 shares during the period. Finally, Capital Research Global Investors purchased a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at about $6,009,000. Institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group NASDAQ: BTDR is a technology company focused on blockchain and high-performance computing infrastructure. Its primary business is cryptocurrency mining, including self-mining, hash rate sharing and mining machine hosting services. The company provides customers with access to mining capacity, data-center infrastructure and related operational support.

Bitdeer also designs and develops application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line.

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